The Insurance Regulatory and Development Authority of India has given Life Insurance Corporation of India (LIC) two years to pare shareholdings in companies in which it owns more than the permitted 15 per cent. “We have deliberated on the road map with the ministry of finance and the LIC board along with certain stakeholders, and set the time limit to comply with the norm,” an official said.

The Insurance Regulatory and Development Authority of India has given Life Insurance Corporation of India (LIC) two years to pare shareholdings in companies in which it owns more than the permitted 15 per cent. “We have deliberated on the road map with the ministry of finance and the LIC board along with certain stakeholders, and set the time limit to comply with the norm,” an official said.